Nearly $5 billion in BTC and ETH options contracts expire today, November 14, on the Deribit platform. This Bitcoin and Ethereum options expiry occurs in a weakened market. Analysts are closely watching the event. The expiry could influence short-term price action, as the market shows weakness.
Today’s expiry is significant. For Bitcoin, the notional value exceeds $4.04 billion. The “max pain” price sits at $105,000. This is the level where most traders would suffer the most losses. On the other hand, Ethereum has a notional value of $730 million. Its max pain level is located near $3,500.
Can Bullish Sentiment Counteract Macroeconomic Uncertainty?
Despite BTC’s recent dip below $100,000, sentiment in the derivatives market appears optimistic. Bitcoin’s Put/Call Ratio (PCR) is 0.63. A low PCR suggests more call options are being traded than put options. This indicates bullish expectations among traders. Ethereum shows a similar trend with a PCR of 0.64.
This optimism contrasts with high macroeconomic uncertainty. Analysts from Greeks.live highlighted the situation. The recent US government shutdown delayed key economic data, like the CPI. Therefore, investors are operating with reduced visibility. The upcoming Federal Reserve meeting in December is now the most crucial event for the market, according to the analysts.
Implied volatility (IV) is rising. This shows traders expect sharp short-term moves. Although the Bitcoin and Ethereum options expiry creates tension, stability could return after the event. The cryptocurrencies markets will need to adjust to the new trading environment while awaiting much-needed economic clarity.
